新开普分析师会议 调研日期：2025年05月22日 调研行业：互联网服务 参与调研的机构：广大投资者等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 ...

上海它石智航技术有限公司 www.djyanbao.com 1.1基本信息 | 企业名称： | 上海它石智航技术有限公司 | | --- | --- | | 企业类型： | 有限责任公司（港澳台投资、非独资） | | 注册资本： | 万元人民币 136.0329 | | 地址： | 上海市徐汇区桂平路391号2号楼21层 | | 企业注册号： | 310120010215383 | | 经营范围： | 一般项目：技术服务、技术开发、技术咨询、技术交流、技术转 | | | 让、技术推广；新材料技术研发；人工智能基础软件开发；人工智 | | | 能应用软件开发；人工智能理论与算法软件开发；人工智能行业应 | | | 用系统集成服务；人工智能硬件销售；人工智能通用应用系统；智 | | | 能机器人的研发；智能机器人销售；工业机器人销售；服务消费机 | | | 器人销售；机械设备研发；信息技术咨询服务；软件外包服务；专 | | | 业设计服务；数据处理服务；电子产品销售；机械设备销售；计算 | | | 机软硬件及辅助设备零售；软件销售；工业设计服务。（除依法须 | | | 经批准的项目外，凭营业执照依法自主开展经营活 ...

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the document. 2. Core Viewpoints of the Report - The company's profitability has been continuously improving, with the net profit turning from loss to profit in 2024 and the gross profit margin increasing by 10.82 percentage points. The sales net profit margin in Q1 2025 was 11.83%, 6 percentage points higher than that in 2024 [15]. - The company has accumulated high - quality market resources in consumer electronics, new energy vehicles, and pyrotechnics industries. It has developed a series of intelligent manufacturing equipment that can replace foreign products, breaking foreign monopolies and filling domestic gaps [17]. - The new national production safety law has increased the demand for equipment transformation in pyrotechnics, chemicals, and energy industries, promoting the company's product business growth [18]. - The company has strong competitive advantages in pyrotechnics, including collaborative innovation with strategic partners, R & D of explosion - proof robots and related products, and holding a leading position in intelligent production and digital transformation technologies [19][20][22]. - The company's explosion - proof robot business is expanding, with orders being delivered in an orderly manner and ongoing projects being promoted [24]. - The company will actively promote the industrialization of innovation results, expand new market areas, and increase the depth and breadth of the market [25]. 3. Summary by Related Catalogs Company Overview - The report is about a research on Bai'ao Intelligence, a company in the special equipment industry. The research was conducted on May 22, 2025, and the company's reception staff included the chairman, general manager, and other senior management [8]. - Participating research institutions included securities companies such as Caitong Securities, Huatai Securities, and fund management companies such as Invesco Great Wall [2][9]. Company Business and Financial Performance - The company is mainly engaged in the R & D, design, production, and sales of intelligent manufacturing equipment, providing complete sets of intelligent manufacturing equipment and related components for customers. Its products are mainly used in consumer electronics, new energy, new energy vehicles, and pyrotechnics industries [15]. - In 2024, the company's R & D investment was 37,329,156.23 yuan, accounting for 8.01% of operating revenue, an increase of 2.63% compared to the previous period [26]. Future Profit Growth Drivers - The company has high - quality market resources, high - quality order delivery and after - sales service capabilities, and has developed products that can meet market demand. It has also developed a series of intelligent manufacturing equipment that can replace foreign products [17]. - The new national production safety law has increased the demand for equipment transformation in related industries [18]. - The company has competitive advantages such as collaborative innovation with partners, R & D of explosion - proof robots, and strong R & D capabilities [19][20]. Pyrotechnics Industry Development - The pyrotechnics industry has broad development opportunities, with new types of pyrotechnics such as the fourth - generation high - safety pyrotechnics and the fifth - generation integrated products or arrays being gradually applied [21]. - The company has mastered core explosion - proof technologies, developed explosion - proof robots and related products, and holds a leading position in the industry [22]. Industrial Robot Sales - The company's explosion - proof robots have obtained explosion - proof certifications and are widely used in pyrotechnics production equipment. The company is accelerating market sales, with orders being delivered and ongoing projects being promoted [23][24]. R & D and Future Planning - The company will actively promote the industrialization of innovation results, expand new market areas, and increase market penetration [25]. - The company will continue to increase R & D investment to meet market demand and policy requirements [26]. Technological Innovation - The company has established a strong R & D team, covering various technical fields such as structural design, electrical control design, and software R & D. It has developed a series of key technologies with independent intellectual property rights [30][32]. Emerging Industry Layout - The company has experience and technological advantages in pyrotechnics, new energy vehicles, and robots. It will focus on cost - reduction and efficiency - improvement and promote the development of new industries [33]. - The company will actively explore the humanoid robot industry chain based on market demand [37].

Group 1: Research Basic Information - The research object is Willgoo, belonging to the electronic components industry, with a reception time of May 21, 2025, and the listed company's reception personnel are General Manager Chen Xing and Secretary to the Board Jia Xiaoyan [17] Group 2: Detailed Research Institutions - The reception object is online investor questions, with the type being other and no relevant institutional personnel specified [19] Group 3: Proportion of Research Institutions - Other institutions account for 100% [24] Group 4: Main Content Data - The Thai factory's operations are progressing as planned, mainly focusing on AI power supplies and automotive electronics products. In the AI power supply product field, a breakthrough has been made in the 30L product technology barrier, achieving small - batch terminal shipments, and mass - production of high - end DC - DC power modules is supported [26] - The company is not currently providing products to Huawei Ascend, and product applications are determined by customer needs [26] - In the server power supply field, the company continues to deepen its presence, and relevant business orders are growing well, with the overall development trend matching the industry's prosperity and the company's strategic plan. To meet order demand, Thailand is continuously adding equipment to release production capacity, and the second - phase plant in Jiangxi started construction in April [26][27] - The company currently has no plan to repurchase shares but will comprehensively consider future repurchase needs based on market conditions, financial status, and strategic plans. Information on 2025 orders and accounting treatment should be based on the company's disclosed periodic reports [27][28] - The company has not been directly affected by NVIDIA's decision to stop supplying some products to the Chinese mainland, as its business mainly focuses on the R & D, production, and sales of printed circuit boards (PCBs) [27] - Information on the company's 2025 operating conditions should be based on the company's disclosed periodic reports [26][27] - The company currently has no plan for mergers and acquisitions and is more focused on optimizing existing business and expanding the market [29]

Report Summary 1. Reported Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The adult incontinence products industry in China is at the end of the introduction period and the beginning of the explosion period, with a penetration rate of about 8%-10%, and there is still significant room for growth compared to international markets [19]. - The long - term care insurance (both TOG and TOC) is expected to promote the industry. The TOG part may lead to a penetration rate of up to 50% within 10 years, and the TOC part shows an increasing demand for brand - building [20][22]. - Reliable Co., Ltd. has made strategic adjustments in product and channel planning, aiming to become the absolute number one in the Chinese adult incontinence field [22]. - The price of adult incontinence products in China is in a state of chaos, and the price is expected to increase with the advancement of long - term care insurance and strengthened market supervision [23][24]. - The industry concentration is increasing, and domestic brands like Reliable have the potential to replicate the success of overseas leading brands [25]. - Although the company's business has been under short - term pressure, it has optimized profitability through cost reduction and efficiency improvement, and is expected to achieve significant growth in the next 3 years [26]. 3. Summary by Questions Question 1: Growth level and industry ceiling of the adult incontinence products industry - The industry in China is at the end of the introduction period and the beginning of the explosion period, with a penetration rate of 8% - 10%, while in Europe, America, and Japan, the penetration rates are 60% and 80% respectively [19]. - The potential of the medium - and mild - incontinence population has not been fully explored [19]. Question 2: The promoting effect of long - term care insurance on the industry - TOG: Referring to Japan's experience, China's long - term care insurance is expected to lead to a penetration rate of up to 50% within 10 years after national promotion [20]. - TOC: The current buyers are mainly relatives of the elderly, with a high proportion of online channels. There is an increasing demand for brand - building and user - service enhancement [22]. Question 3: Product and channel planning in the next three years - Channels: Shifted from dealer - and store - based sales to TOB business, entered hospitals and elderly care institutions, and established a user - operation department for online business [22]. - Brands: Launched the Anhu shi brand targeting cost - effective consumers, and strengthened the positions of Reliable and Xishoubao [22]. - TOG business: Seize government procurement opportunities including long - term care insurance [22]. - Supply chain: Invested in companies like Guangxi Hanggang three years ago to form a closed - loop supply chain [22]. Question 4: Price level and price - increasing potential - The price band in China is chaotic, including high - end, mid - high - end, mid - low - end, and ultra - low - end products. About 210 million pieces of sub - standard products were exposed in 315 this year, accounting for nearly 30% of the market [23]. - In Japan, there are only high - end and mid - high - end products. The price in China is expected to increase with the advancement of long - term care insurance and strengthened market supervision [24]. Question 5: Current competitive landscape and brand concentration - In Europe, America, and Japan, the market share of the first - ranked brand exceeds 50%. Reliable is the leading domestic brand and plans to expand overseas [25]. - The industry concentration is increasing, and domestic brands have the potential to follow the path of overseas leading brands [25]. Question 6: Company's profitability and future growth points - The company's business has been under short - term pressure due to factors such as a decrease in the elderly population and birth rate [26]. - Profitability has been optimized through cost reduction and efficiency improvement, and the optimization of the mother - and - baby segment [26]. - The company is expected to achieve significant growth in the next 3 years with the implementation of long - term care insurance policies, enhanced brand recognition, and overseas expansion [26].

建科股份分析师会议 调研日期：2025年05月20日 调研行业：专业服务 参与调研的机构：上海曜与基金、上海贵源投资、上海璞智投 资、杭州月阑私募、深圳盈富汇智私募等 / | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 调研基本情况 调研对象：建科股份 所属行业：专业服务 接待时间：2025-05-20 ...

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The high-speed mixed-signal chip industry has broad growth prospects. The demand for high-definition video chips in emerging application scenarios such as 4K/8K ultra-high-definition video, AR/VR, and the metaverse is growing explosively. Global AI and HPC demand is also driving the growth of high-speed signal chips. The company will focus on high-definition video processing and high-speed signal transmission technologies, increase R & D investment in automotive, HPC, and micro-display chips, and expand market share [26]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - The research object is Longxun Co., Ltd. The reception time is May 20, 2025. The listed company's reception personnel include the chairman, general manager FENG CHEN, independent directors Xie Guangjun and Chen Lai, board secretary Zhao Yu, and financial director Wei Yongxiang [16]. 3.2 Detailed Research Institutions - The reception object is all investors participating in the online performance briefing of Longxun Co., Ltd. for the first quarter of 2025 [19]. 3.3 Research Institution Proportion - No relevant information provided. 3.4 Main Content Data - **Reasons for slow revenue growth in Q1 2025**: Affected by holidays, traditional industry off - seasons, and insufficient production capacity of some models, some business orders were not released. The company is optimizing the supply chain system [23]. - **Automotive chip business**: The company has 8 chips certified by AEC - Q100. In 2024, the business of bridge chips in automotive HUD and infotainment systems increased. The in - vehicle SerDes chipset is in full - scale market promotion, with some fields in mass production and others in prototype verification [24]. - **Profitability in Q1 2025**: The total operating revenue was 109 million yuan, a year - on - year increase of 4.52%. The gross profit margin was 54.43%. The net profit attributable to the parent company was 2.85092 million yuan, a year - on - year decrease of 8.06%. The non - recurring profit and loss net profit was 2.11283 million yuan, a year - on - year decrease of 8.93%. The net cash flow from operating activities was 1.80137 million yuan, compared with - 3.55247 million yuan in the same period last year. R & D investment was 2.75914 million yuan, accounting for 25.31% of operating revenue, a year - on - year increase of 23.24% [24]. - **Profit growth points**: In 2025, the company will focus on core technologies, optimize R & D platforms, increase R & D investment in automotive, HPC, and micro - display chips, and expand market share in new products. It will also promote new products in automotive electronics and ultra - high - definition display [25]. - **Industry performance in Q1 2025**: The semiconductor industry has seasonality, and Q1 is usually a relative off - season. The national subsidy policy has promoted the growth of the consumer electronics business [25]. - **Industry development prospects**: The high - speed mixed - signal chip industry has broad growth prospects, driven by emerging application scenarios and AI/HPC demand [26].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The oat industry has broad market prospects and growth space, with strong growth momentum in the oat market and an industry competition pattern that needs optimization [32]. - Ximai Food has core competitive advantages, including brand influence, diversified product matrix, comprehensive sales channels, consumer - oriented R & D, full - industry chain advantages, healthy financial status, and excellent corporate governance [24][25]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Ximai Food, belonging to the food and beverage industry. The reception time was May 20, 2025. The listed company's reception personnel included the general manager, director, secretary of the board, deputy general manager, financial director, and independent director [17]. 3.2. Detailed Research Institutions - The types of reception objects include institutional relevant personnel, network investors, and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Potential Products**: The company will continue to update and iterate oat + composite products, which have maintained high growth in the past few years and are in line with market trends. It will also continuously introduce new products in the fields of health and oral liquid, such as those in the directions of homologous medicine and food and traditional Chinese health preservation. Additionally, it aims to give more leisure attributes to oat foods and develop more leisure channels [24]. - **Core Competitive Advantages**: Ximai is the first oat cereal brand in China, with an expanding brand influence. It has a diversified product matrix, a comprehensive online and offline sales channel matrix, and is actively exploring overseas business. It is consumer - oriented in R & D, has full - industry chain advantages, a healthy financial status, and excellent corporate governance [24][25]. - **2025 Employee Stock Ownership Plan and Revenue Target**: The company is confident in maintaining a good development trend and will strive to achieve its business goals, although no clear indication of whether the 15% year - on - year revenue growth in 2025 can be achieved is given [25]. - **Raw Material Procurement Cost**: The company closely monitors market dynamics, and will optimize supply chain management and improve procurement efficiency to reduce cost pressure [26]. - **Gross Margin**: The company's gross margin in the first quarter of 2025 was basically the same as that of the previous year. It will optimize supply chain management and improve procurement efficiency, and also enhance competitiveness and profitability through product innovation and market expansion [28]. - **Overseas Business**: The company's overseas business is still in the exploration and cultivation stage and will continue to expand overseas markets [29]. - **Industry Position**: The company maintains the leading position in the Chinese oat cereal market, ranking first in both offline and online sales [30]. - **Oat Industry Development Prospect**: The oat market has strong growth momentum, with the Chinese breakfast food market scale of about 1 billion and a steady compound growth rate, and the oat category growing faster. The industry competition pattern needs optimization, and compared with overseas, China's industry concentration has room for improvement [32][33].

Group 1: Research Basic Information - The research object is Guomai Technology, belonging to the communication service industry, and the reception time was on May 20, 2025. The company's reception staff included Chairman Chen Wei and Board Secretary Zhang Wenbin [17] Group 2: Detailed Research Institutions - The institutions participating in the research were Huaxia Fund Management Co., Ltd. and Guosen Securities Co., Ltd. The relevant personnel from Huaxia Fund were Lei Meng from the Fund Investment Department, and from Guosen Securities were computer researchers Yun Mengze and Ku Hongyao [18] Group 3: Main Content AI Agent - Development and Features - The upcoming AI agent press conference this quarter will focus on the practical demonstration of the home-based elderly care AI agent, in-depth analysis of the innovative elderly care model, and the R & D progress of active and precise health management [22] - The company's home-based elderly care AI agent adopts a multi - agent model and will release three types of agents, including those for pre - contact and adaptation support, daily life and social entertainment, and health and safety management [22] - The core competitive advantage of the company's AI agent is that it focuses on home - based elderly care and health management, being a "professional" agent. It can sense users' real needs, connect offline services, and achieve "perception - decision - execution" integration. The "Guomai University Elderly Care" provides real application scenarios and data feedback [23][24] - The AI agent will first be used in the "Guomai University Elderly Care" community to test its performance. The company will also seek cooperation with government departments and third - party institutions for standardized and large - scale application [24] Guomai University Elderly Care Project - It is a "body - connected network" experimental community for simulated home - based elderly care, integrating body - connected network (IoB) sensing technology and artificial intelligence algorithms. It emphasizes meeting the spiritual needs of the elderly and has received over one million platform exposures since its promotion [24][25] Fuzhou University of Technology - It is a full - funded applied undergraduate university by the company, with nearly 14,000 students as of the end of 2024. It plans to expand its scale and improve its level, and has completed the infrastructure construction of the new campus [25] Impact of Industry - Education Integration - The industry - education integration strategy has built a development empowerment platform integrating technology R & D, scenario application, talent reserve, and innovation incubation. It has created three core barriers for the company's business [26][27] - The company has signed a strategic cooperation framework agreement with Xiamen University and Mawei District People's Government to build the "Guomai Future Science City", which will promote the company's scientific and technological innovation [27] Company Performance - Since 2018, the company has optimized its revenue structure, focusing on sustainable future industries. In 2024, it achieved its best - ever performance, with a 61% year - on - year increase in net profit attributable to the parent company. In the first quarter of 2025, the net profit attributable to the parent company increased by 55% year - on - year and 345% quarter - on - quarter [27][28]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company is confident in its future development and aims to create long - term value for shareholders through various strategies such as enhancing operation management, expanding business, and strengthening brand building [24][26][27] - The company will continue to deepen its "creative industrialization" and "Dooker Method" advantages, optimize product structure, and explore new business models to maintain its leading position in the book publishing industry [26] - The company will increase investment in digital content business, expand its channels and platforms, and innovate its commercialization models to adapt to the digital reading trend [25][31] 3. Summaries by Relevant Catalogs 3.1. Research Basic Situation - Research object: Dooker Culture, belonging to the cultural and media industry [17] - Reception time: May 20, 2025 - Listed company reception personnel: Chairman Hua Nan, General Manager Fu Li, Board Secretary Liu Baorui, Financial Controller Ding Fangfang, and Sponsor Representative Yang Xinqiang [17] 3.2. Detailed Research Institutions - The reception objects include investors' online questions and others [20] 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Shareholder reduction**: Shareholders' reduction is due to personal capital needs. The company and management are optimistic about the company's future [24] - **Digital content business growth**: In 2024, the growth was mainly due to the internal creative pipeline and paper - e - audio linkage. In the future, the company will increase investment, expand cooperation, and innovate business models [24][25] - **2025 business plan**: The company will deepen advantages, optimize product structure, strengthen copyright operation, and expand digital content business to consolidate its leading position [26] - **Transformation plan**: The company focuses on its main business and will consider appropriate operations according to industry development and its own strategy. It will disclose stock repurchase plans in a timely manner [27] - **Contribution to the industry**: The company promotes industry innovation through "creative production lines", sets an example in content and operation, and contributes to cultural inheritance and exchange [27] - **IP project progress**: In 2024, 13 projects were exported overseas, and 2 film and television copyright projects were implemented [28] - **Future development strategy**: The company will enhance creative production, deepen operation, expand markets, and explore new business models [28] - **Competition response**: The company will create high - quality content, strengthen copyright reserves, and integrate resources [28] - **Competitive advantages**: The company has advantages in variety efficiency, creative production line models, operation strategies, and copyright reserves [29][30] - **Market expansion and brand influence**: Through refined operation, the company creates a positive cycle, discovers potential works, and conducts precise marketing [30] - **Business development in the market adjustment**: The company will promote "creative industrialization", focus on content, strengthen copyright reserves, and increase investment in digital content [30][31] - **Refined operation success cases**: In 2024, the sales of "Eighteen - year - old Going Out for a Journey" exceeded 500,000 copies, and the commercial value of Yu Hua's copyright was enhanced [31][32] - **Copyright development and IP operation**: The company maintains long - term cooperation with international copyright agents and explores domestic copyright upstream to develop IP [32][33] - **International market expansion**: The company entered the international market in 2012 and will strengthen cooperation and explore new models in the future [33] - **Growth and market value**: The company is confident in development, plans to distribute dividends, and will conduct market value management in accordance with regulations [34] - **Impact of the "Regulations on Promoting National Reading"**: The regulations create a good policy environment. The company will evaluate the application of AI technology [34] - **Business loss reduction**: In 2024, the digital content business had positive growth, and the paper - book business improved profitability through optimization [35] - **Reasons for turning losses into profits**: In 2024, the company adjusted strategies, optimized products, and controlled costs to achieve profitability [35][36][37]